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Can't Get Ahead With Your Finances?
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Carlosg72 1 year ago
Surely the stop loss needs to be placed at the lowest level possible ? Eg, if I had £1m available, I could buy an ounce of gold @ $1000 ( not that I would ), and place a stop loss at $10/ ounce. There`s no way gold is going to reach the $10/ounce level. As you can probably tell, I`m a beginner. I trade paper money, and have found that placing rediculously low stop losses works. Because stocks never reach those lows/highs. So what`s up ? What am I missing ?
morgandrim 2 years ago
To: Morgandrim. I know it has been a long time, over one year since you had written your comment and you obviously would have learned a lot over this period. By placing a stop loss, as you have said, "r[i]diculously" low, this is akin to buy and hold and although this 10 usd level will probably not be reached, you may be missing time and funds if you allow it to hover in unchartered waters. Bid you well.
eddyvideostar 1 year ago
@eddyvideostar Yes, I agree with your answer to @morgandrim's question. Putting your stop losses ridiculously low means you will/can be in a trade for a very long time. We use specific indicators to help us know when to get in and when to get out of trades in the short run. If you get in and out of trades on a daily basis this is called day trading. Placing trades over a couple to a few days is swing trading. After that is what I would consider long-term trading. Each style has it's benefits.
ForexStrategySecrets 1 year ago